Silicon Valley tech news, reviews and insights

Hot Topics:

Advanced Micro Devices names new chief financial officer

By Noel Randewich

Reuters

Posted:
01/02/2013 03:00:29 PM PST

SAN FRANCISCO -- Advanced Micro Devices said on Wednesday it promoted senior executive Devinder Kumar to chief financial officer after the struggling Sunnyvale PC chipmaker announced in September its previous CFO was leaving.

Kumar, a 28-year AMD veteran, had been standing in as CFO since AMD announced the departure of Thomas Siefert, who was liked by many on Wall Street.

Since 2001, Kumar was corporate controller at AMD, which like other PC-related companies has been hit by a slump in demand as smartphones and tablets grow in popularity.

AMD, one of Silicon Valley's oldest chipmakers, has been laying off engineers while looking for new markets for its chips as it faces dwindling cash reserves.